After today’s meeting between the leaders of China and the United States, both countries reached a phase-based framework agreement on tariffs and export controls. According to U.S. Treasury Secretary Scott Bessent, Washington will reduce the average tariff level on Chinese goods from about 57% to 47%.

The “average” in this context refers to the weighted overall tariff rate applied to Chinese exports, not a uniform 47% on all products. This figure reflects the U.S. policy intention to lower the combined burden across multiple categories of duties—including punitive tariffs, technology-related levies, and agricultural tariffs. (The exact calculation method has not been publicly disclosed, but it likely involves weighting different tariff rates by import volume across various product categories.)

At the same time, the United States announced it would cut the tariff on Chinese exports linked to fentanyl precursor chemicals to 10%, down from previously higher levels.

On the Chinese side, Beijing agreed to postpone for one year the implementation of its export controls on rare earths and critical minerals and to resume large-scale purchases of U.S. soybeans and agricultural goods.

The United States will also suspend for one year its “50% Penetration Export Control Rule” announced on September 29, while China will suspend for one year the corresponding export control measures announced on October 9, pending further refinement of implementation details.

In addition, the U.S. will pause its Section 301 investigation into China’s maritime, logistics, and shipbuilding sectors for one year. Following this suspension, China will reciprocally pause its counter-measures against U.S. industries for the same period.